A best-and-final is a fixed time by which all competing buyers must submit their strongest offer - no further rounds. Set it when you have two or more qualified offers in hand and want to force maximum bids simultaneously. Give buyers 24-48 hours to respond. Shorter windows create more urgency but risk losing buyers who need lender confirmation. Longer windows let urgency dissipate.
⚠️ UNVERIFIED: No T1/T2 source located as of 2026-08-01.
From the seller playbook: Offer Deadline Game Theory
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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